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By Chukwuma Umeorah
Ten stockbroking firms dominated trading activity on the Nigerian Exchange Limited (NGX) in the first quarter of 2026, accounting for 48.59 per cent of total market volume and 53.65 per cent of total transaction value.
Collectively, the firms executed trades worth about N2.238 trillion out of the total market turnover during the period, underscoring a continued concentration of liquidity among a few large brokerage houses.
Leading the pack was CardinalStone Securities Limited, which facilitated transactions valued at N503.248 billion, representing 12.06 per cent of total market value. It was followed by Cordros Securities with N283.699 billion, accounting for 6.80 per cent, while Stanbic IBTC Stockbrokers posted N282.498 billion, representing 6.77 per cent of total value traded.
Others in the top ten included Hermes Nigeria with N254.861 billion, Meristem Stockbrokers with N229.222 billion, First Securities Brokers with N203.538 billion, CSL Stockbrokers with N144.368 billion, United Capital Securities with N134.587 billion, PAC Securities with N106.507 billion, and APT Securities and Funds with N95.651 billion.
Market analysts say the dominance of the top brokers reflects sustained institutional participation and concentration of high-value transactions within a relatively small group of active dealing members on the exchange.
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Despite the concentration in trading activity, the broader equities market closed the quarter on a strong note, with investors recording a N29.834 trillion increase in market value, supported by improved sentiment across key sectors.
The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, Temi Popoola, described the performance as evidence of growing investor confidence in the capital market.
“Nigeria’s ongoing reforms are strengthening domestic capital formation, and the market is responding positively,” he said, adding that increased local participation and improved corporate fundamentals are reinforcing the exchange’s role in long-term wealth creation.
Market stakeholders attributed the positive performance to relative stability in the foreign exchange market, moderating inflation expectations, and improved liquidity conditions, which encouraged portfolio rebalancing in favour of equities.
Also speaking, the Managing Director and Chief Executive Officer of Globalview Capital Limited, Aruna Kebira, attributed the bullish sentiment to strong fundamentals in listed companies, particularly in the manufacturing sector, as well as improved macroeconomic stability.
He, however, noted that the banking sector remained relatively muted due to cautious investor sentiment around dividend policies linked to Central Bank of Nigeria regulations.
Kebira expressed optimism that the completion of the ongoing banking sector recapitalisation exercise would reposition the industry to play a stronger role in sustaining market momentum, even as attractive equity returns continue to draw investors into the market.
